2023-07-31-accounts - St Hilda's College In The University Of Oxford

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Report ofthe Governing Body	page 2-10
Statement ofAccounting and Reporting Responsibilities	page 11
Governing Body, Officers and Advisers	page 12-14
Auditor’s Report	page 15-17
Statement ofAccounting Policies	page 18-23
Consolidated Statement of Financial Activities	page 24
Consolidated and College Balance Sheets	page 25
Consolidated Cashflow Statement	page 26
Notes to the Financial Statements	page 27-44

Geographic origin	Undergraduates	Postgraduates
UK	319	82
Other EUIEEA	13	14
Overseas	69	132
Total	401	228

	2023	2022
	£	£
Oxford Opportunity Bursaries (undergraduates)	85,530	74,115
Book grants	1,768	1,928
Sports & extra-curricular grants	3,216	4,598
Research & travel grants	61,398	46,284
Scholarships & prizes	131,898	121,069
Bursaries & hardship funds	97,778	61,740
Total	381,588	309,734

(4) Tutorial Committee
		(1)	(2)		(3)	(4)
Dame Professor S M				—
Springman
Professor J M Yeomans	Retired 30/9/23
Professor I M Moroz	Retired 30/9/23
Professor K J Clarke
Professor P Schleiter
DrMKean
Professor L J Smith
Dr R M Armstrong
Professor H Swift						•
DrI-ISmith
DrGPaul
Piufessor D Fiiatuv
Professor E Payne
Ms B Travers	Retired 31/12/22
DrKHoge
Professor F Macintosh
Professor R Condry
Professor S Todd
Dr S McHugh
Professor A Noble
Professor D Wakelin
Professor A Katzourakis
Professor D Howey
Dr P Hulley
Professor D Gangjee
Dr C Swales
DrDBulte
Dr LWUd
DrSNorman
Professor J Barlow

Dame Professor S M Springman	Principal
Ms B Travers	Development Directorto 31/12/22
Mr A Thomas	Development Directorfrom 10/7/23
MrCWood	Bursar
Dr S Norman	Senior Tutor

St Hilda's College

Independent auditor's report to the Members of the Governing Body Year ended 31 July 2023

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually, or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w .frc.org.uk/apb/scope/private.cfm. This description forms part of our auditor's report.

Crowe UK LLP

Statutory Auditor

Oxford

Date: 28 November 2023

Crowe UK LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006.

		Linrestricled	Restricted	Endowed	2023	2022
		Funds	Funds	Funds	Total	Total
	Notes	£000	£000	£000	£000	£000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teach ng. research and resdenial		7342	-	-	7,342	6,035
Other Trading Income	3	798	-	-	798	497
Donations and legacies	2	803	1.510	8	2,321	2.383
Investments
Investment income	4	301	13	1,344	1,658	1,617
Total retarn alIocaed to income	13	649	,l78	çl,8273	-	-
Total income		9,893	2,701	(475)	12,119	10,532
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential	5	9,024	2,216	-	11,240	12,894
Generating funds:
Fundraising		511	-	-	511	444
Trading expenditure		417	-	-	417	235
Investment management costs			2	179	181	234
Total Expenditure		9,952	2,218	179	12,349	13,807
Net lncome/(Expenditure) before gains		(58)	483	(654)	(230)	(3,275)
Net gainsl(losses) on investments	10,11	-	14	1.482	1,495	(2,113)
Net Incornel(Expenditure)		(58)	497	828	1,266	(5,388)
Net movement in funds for the year		(58)	497	828	1266	(5,388)
Fund balances brought forward	17	58,745	2,815	59,867	121,427	126,815
Funds carried forward at 31 July		58,687	3312	60,695	122,693	121427

		2023	2022	2023	2022
		Group	Group	college	College
	Note	£000	£000	£000	£000
FIXED ASSETS
Tangible assets	9	76.095	75,719	76,095	75.719
Properly inveslments	10	23,006	1656	23,006	1.656
Otner Investments	11	40,343	60.197	40,345	60,199
Total Fixed Assets		139,444	137.572	139,446	137,574
CURRENT ASSETS
Stocks		50	45	50	45
Debtors	14	1,064	829	1,420	865
Investments		3.989	5,957	3.989	5,957
Cash at bank and in hand		2,251	1736	1,479	1,461
Total current Assets		7,354	8,567	6,935	8,328
LIABILITIES
Creditors: Amounts farling due within one year	15	2,123	1,680	2,094	1,708
NET CURRENT ASSETSI(LIABILITIES)		5,231	6,887	4,844	6,520
TOTAL ASSETS LESS CURRENT LIABILITIES		144,675	144,459	144,290	144,194
CREDITORS: falling due after more than one year	16	19,834	19,829	19,834	19,829
NET ASSETS!(LIABILITIES) BEFORE PENSION
ASSET OR LIABILITY		124,841	124,630	124,456	124,365
Defined benefit pension scheme liability	21	2,148	3,203	2,148	3,203
TOTAL NET ASSETS/(LIABILITIES)		122,693	121,427	122,308	121,162
FUNDS OF THE COLLEGE
Endowment funds	17	60.695	59,867	60,695	59,667
Restricted funds	17	3,312	2,815	3.312	2,815
Unrestricted funds
General funds		2,841	4,330	2,456	4,065
Designated funds	17	57,994	57,618	57,994	57,618
Pension reserve	17	(2,148)	(3,203)	(2,148)	(3.203)
		122,693	121,427	122,308	121.162

		2023	2022
	Notes	£000	£000
Net cash provided by (used in) operating activities	24	(1,242)	(1,790)
Cash flows from investing activities
Dividends, interest and rents from investments		1,658	1,617
Proceeds from the sale of property, plant and equipment		-
Purchase of property, plant and equipment		(1,877)	(1,074)
Proceeds from sale of investments		-	2.193
Purchase ot investments		-
Net cash provided by (used in) investing activities		(219)	2.736
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowing		-
Receipt of endowment		8	7
Not cash provided by (used in) financing activities		8	7
Change in cash and cash equivalents in the reporting period		(1,453)	953
Cash and cash equivalents at the beginning ofthe
reporting period		7,693	6,740
Change in cash and cash equivalents due to exchange
rate movements
		-
Cash and cash equivalents at the end of the reporting
period	25	6,240	7,693

	2023	2022
Teaching, Research and Residential	£000	£000
Unrestricted funds
Tuition fees - UK and EU students	1.562	1.512
Tuition fees - Overseas students	1.424	1.230
Other HEFCE sUpport	221	232
Other academic income	141	147
Residential income	3,988	2.854
Total Teaching, Research and Residential	7,342	6.035
Total income from charitable activities	7,342	6.035

DONATIONS AND LEGACIES
	2023	2022
	£000	£000
Donations and Legacies
unrestricted funds	803	2,005
Restricted funds	1,510	311
Erdowec funcs	8	7
	2,321	2,383
INCOME FROM OTHER TRADING ACTIVITIES
	2023	2022
	£000	£000
Subsidiary company trading income	781	497
Other trading income	17	0
	798	497
INVESTMENT INCOME
	2023	2022
	£000	£000
Unrestricted funds
Commercial rent	75	74
Inccme fro,’, hoc intees: stocks	-
Bank interest	226	24
Restricted funds
Equitydividends	13	I
	13	15
Endowed funds
Other property income	344
Equitydividends	966	1.503
Income from fxed interest stocks	34	-
Interest on fixed term deposits and cash	-
Other investment income	-
Bank interest	-
Other interest	-
	1,344	1.503
Total Investment income	1,658	1.617

ANALYStS OF EXPENDtTURE
	2023	2022
	£000	£000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential	5,441	4,894
Other direct costs allocated to:
Teaching, research and residential	3,870	3.245
Support and governance costs atlocetad to:
Teaching, research and residential	1929	4,755
Total charitable expenditure	11,240	12,8g4
Expenditure on raising funds
Direct staffcosts aCacated to
Fundraisvg	334	286
Tradhrg expendt.e	162	95
Other direct costs alocated to’
Fundraising	102	101
Trading expanc tu a	2C9	115
Investment naragement costs	181	234
Support and governance costs allocated to:
Fundratsing	75	57
Trading expenditure	46	25
Total expenditure on raising funds	1.109	913
Total expenditure	12,349	13,807

St HIida's College Notes to Iha financial statements For tha year anded 31 July 2023

6 ANALYSIS OF SUPPORT ANO GOVERNANCE COSTS

		Teaching
	Generating	and	2023
	Funds £'0	Research £'000	Total £'000
Financial administration	114	499	613
Domestic admlnistralion
Human resources		51	51
IT	7	246	253
Depreciation Loss(profl) on fixed assets		1,499	1,499
Interest payable Other fnance charges Goverance csts Investment management carges	181	659 (1,055) 26	659 (1,055) 26 181
	302	1,925	2,227

		Teaching
	Generating	and	2022
	Funds £'00	Research £'000	Total £'0
Financial administration	76	407	483
Domestic administralion Human resurces		86 40	86 40
IT Dep,ecation Loss(proft) on fixed assets	6	216 1,463 659	222 1.463 659
Interest payable		1,858	1,858
Other finance charges Goveranc csts		22	22
Investment management charges	234 31	4,51	234 5,067

Financial, domeslic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity.

Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made or the underlying assets.

Interest and other �nance charges are attributed according to the purpose of the related financing.

Governance costs comprise: Auditofs remuneralion • audit services

2023 £'000 26	2022 £'00 22
~~26~~	~~22~~

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of Iha College Fenows on the basis that these payments relate to the Feltows involvement in the COiiege's charitable activities. Details of the remuneration of the Feaows and their reimbursed expenses are Included as a separate note within these financial statements.

T GRANTS ANO AWARDS


GRANTS ANO AWARDS During the year the College funded research awards and bursaries to students from Its restricted and unrestricted fun as fofow: Unrestricted funds Grants lo individuals: Scholarships, prizes and grants Bursaries and hardship awrds Total unrestricted Restrictd funds Grants to Individuals: Scholarships, prizes and grants Bursaries an hardship awards Total restricted Total grants and awards 2023 £'000 32 162 m 166 22 m 382		2022 £'0 35 113
		~~t�I~~ 140 23 U3

		~~311~~

The figures shown above include the cos! lo lhe College of the Oxford Bursary scheme. Students of trns college received £236k (2022: £235k).

Page�

	2023	2022
me angregate staff costs for the yea- were as fows	£000	£000
Salaries and wages	4110	4.731
Social security costs	393	348
Pension coma:
Defined benefit schemes	1943	795
Defined contribution schemes	-	1
Pension liability	(1,055)	1657
	5,391	7.732

The average number of employees of the College. excluding trustees.
on a full time equivalent basis was as follows.	2023	2022
Tuition and research	20	21
College residential	66	61
Fundraising	5	5
Support	20	19
Tots	111	106

Unve’s ty Lecturers	14	15
CUF Lecturers	12	12
Other teaching and research	3	3
Othe’	4	4
Tore	33	34

The number of employees (escluding the College Trustees) during the year w within the foltowing bands was:	hose gross pay and benefits (excluding employer NI and pension contrib	utions) fell
£60,000-E70,000	4	3
£70,001-80,000	1	0


Group & College	Freehold	Assets	Fixtures,
	land and	Under	fillings and
	buildings	Construction	equipment	Total
	£000	£000	£000	£000
Cost
At start of year Additions	81,001 1,702	1,092 30	2.764 145	84,857 1,877
Transfers	36	(36)
At end of year	82,739	1,086	2,909	86,734
Depreciation and impairment
At start of year Depreciation charge br the year	7312 1,096	- -	1,826 405	9,138 1,501
At end of year	8,408	-	2,231	10.639
Net book value
At end of year	74,331	1.086	678	76,095
At start of year	73,669	1,092	938	75.719


Group & Collage		2023	2022
	Commercial	Total	Total
	£000	£000	£000
Valuation at start of year	1,656	1.666	1.012
Additions	19,222	19,222	350
Revaluation gains/flosses) in the year	2,128	2,128	294
Valuation at end of year	23,006	23,006	ibSti

OTHER INVESTMENTS
All investments are held at fair value.
			2023	2022
			£000	£000
Group investments
Valuation at start of year			60,1ST	65,147
New money invested			-	-
Amounts withdrawn			(20,054)	(3.623)
Renvested r,ccme			1,013	1.519
l”vestment managementfees (Decrease.[increase ir. va’ue of investments			(181) (632)	(234) (2.407)
Group tnveslments at end of year			40.343	60.197
Investment i-i subsidiaries			2	2
College investments at end of year			40,345	60,199
Group investments comprise:	Held in	2023	Held in	2022
	the UK	Total	the UK	Total
	£000	£000	£000	£000
Equity investments	18,501	lt,501	36,870	36,870
Propertyfunds	1,111	1,111	3.513	3,513
Fixed interest stocks	4,014	4,014	4,261	4,261
Alternative and otter investments	2119	2,719	8.667	8,667
Fised tern deposits aid cash	13,998	13,998	6.655	6,656
Total group investments	40.343	4L34Y	60.197	60.197

The results and their assets and liabilities of the parent an	d subsidiaries at the year end were	as follows.
	Parent	St Hilda’s College	St Hilda’s College
	College	(Trading) Ltd	Developments Ltd
	£000	£000	£000
Irccme Exendilurs	12.119 (12.349)	803 (418)	(191) 191
Resuit ior the year	(230)	385
Tota’ assets	146.384	847	26
Tota’ liabiltea	(24076)	(462)	(26)
Net fr’ds at tie end of year	122,308	385
Defaila of prioryearare shown in note 29b

		Permanent Endowment		Expendable	Total
		Unapptied		Endownrent	Endowments
	Trust for	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the beginning of the year:
Gift component oftie perma”ent endowment	14586		14,586		14,586
uappreo total return		4,675	14.675		14,675
Exoendab’e endo-,vment				30,606	30,606
Total Endowments	14566	14,675	29,261	30,606	59,867
Movements in the reporting period:
Gih of endowment f,,rcs			-	8	8
Investment return: total investment income		677	677	667	1,344
Investment retu:n: reatsed ar,d unreased gains and losses		746	746	736	1,482
Less Investment management costs		(90)	(90)	(89)	(179)
Other transters	-	-	-	-	-
Total	-	1.333	1,333	1,322	2,655
Unapplied total return allocated lo income in the reporting period		(922)	(922)	(905)	(1,827)
Expendable endowments transferred to income				-	-
	-	(922)	(922)	(905)	(1,827)
Net movements in reporting period	-	411	411	411	828
At end of the reporting period:
Gift component of the permanent endowment	14,586	-	14,586	-	14,586
IJnapotied totat return		15.086	15,086	-	15,086
Expe’dable endowment Total Endowments	14.586	15,086	29,672	31.023 31,023	31,023 60,695

14	DEBTORS
		2023	2022	2023	2022
		Group	G’o4	College	Colege
		£000	£000	£000	£000
	Amounts falling due within one year:
	Trade cobb’s	565	303	488	183
	Ano..n;s owed by Cotege members	-	-	-	-
	Amounts owed by Group undertakings	-	-	457	155
	Loans repayable within one year	18	17	18	17
	Taxation and social security	24	4
	Prepayments and accrued income	435	483	435	483
	Other debtors	22	22	22	22
		1,064	829	1,420	865
15	CREDITORS: falling due within one year
		2023	2022	2023	2022
		Group	Group	College	College
		£000	£000	£000	£000
	Trade creditors	1,052	1 .008	1,052	1 .006
	Amounts owed to Group undertakings		-
	Taxation and social security	186	-	186	38
	Accruals and deferred income	306	280	300	211
	Other creditors	579	394	556	381
		2.123	1jW	2.094	1.705
16	CREDITORS: falling due after more than one year
		2023	2022	2023	2022
		Group	Grouo	College	College
		£000	£000	£000	£000
	Bard’	19.834	9.829	19.834	19.629
		19.834	19.829	19.834	19.629

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
				At I Aug.st	lnccning	Resources		Gains/	At 31 July
				2022	resources	exoo,ded	Transfers	(losses)	2023
				£030	£ 000	£000	£000	£000	£000
Endowment Funds	- Permanent
StLden: Support Ftrds				1,264	25	3	28	23	1,286
JRF Funds				1,695	32	4	31	35	1,727
Teaching Funds:
Humanities & Social	Sciences			7,374	176	23	243	194	7,478
Medical Sciences				1.853	43	6	61	48	1,877
Physical & Life Sciences				2,852	67	9	94	74	2,890
General purpose				14,092	331	44	464	365	14,280
Other purposes				137	2	-	1	3	141
Endowment Funds	- Expendable
Student Support Funds				5,324	117	17	117	129	5,436
JRF Funds				2,247	45	6	139	49	2,196
Teaching Funds:
Humanities & Social	Sciences			4,276	96	13	141	107	4,325
Medical Sciences				1.186	28	4	34	30	1,206
Physical & Life Sciences				1.528	36	4	50	40	1,550
Olherpurposes				1.536	30	4	.	33	1,595
Endowment Funds -	Expendab Designated
S:uent Support Funds				754	19	2	8	9	182
JRF Funds				1.209	23	3	-	25	1.254
Teaching Furds:
HumaiiLes & Social	Sciences			3729	89	13	123	98	3,780
Medcs’ Sciences				2 970	70	9	98	77	3,010
General purpose				5636	113	14	186	124	5,673
O:hepu’poses				205	10	1	9	4	209
Total Endowment Funds			- College	59.861	1,352	179	(1,827)	1.482	60,695
Total Endowment Funds			- Group	59,661	1,352	179	(1,827)	1,482	60,695
Restricted Funds
Transfer from endowmenl			lunds for spending			1.178	1.178	-	-
Sludent support funds				102	2			2	108
Scholarship & Buraary Fund				905	119	120		1	905
Access				89	25	-		-	114
College Contribution	fund			0	400	400	-	-	-
Fellowship funds				628	10	22	-	11	627
Library fund				66	411	-	-	-	537
Other funds				1.025	496	498	-	-	1,023
Total Restricted Funds		-	College	2,815	1,523	2,218	1.178	14	3,312
Restricted funds held	by subsidiaries
Total Restricted Funds		-	Group	2,815	1,523	2.218	1.178	14	3,312
Unrestricted Funds
General funds				4.029	6,983	9.205	649		2,456
125 Fund				38		36
Designated				57.618	1,877	1.501			57.994
Peisicn reserve				(3.203)		(1.055)			(2,148)
Total Unrestricted Funds			- College	58.’83	8,860	9.687	649	-	58,302
Urestrictec Unds heid by			sjbsidiaries	265	385	265			385
Total Unrestricted Funds			- Group	58,745	9,245	9,952	649		58.687
Total Funds College				121,162	11,734	12,064		1.496	122,308
Total Funds Group				121,427	12,119	12,349		1,496	122,693

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Restricted	Endowment	2023
	Funds	Funds	Funds	Total
	£000	£000	£000	£000
Tangible fixed assets	76.095			76,095
Prccacy investments	1.656	-	t .350	23,006
Ot’er r.vestments	-		40,343	40,343
Net curret assets	2,918	3,312	(998)	5,231
Long term iabiities	(21,982)	-	-	(21,982)
	5d,667	““31T”	60,69o	122.63Y

	Unrestricted	Restricted	Endowment	2022
	Funds	Funds	Finds	Total
	£000	£000	£tOO	£000
Tangible fixed assets	75.719	-	-	75,719
Property investments	1,656	-	-	1,656
Other investments		-	60,197	60,197
Net current assets	4,402	2.615	(330)	6,887
Long term liabilities	(23.032)		-	(23,032)
	58.745	?,815	59,887	121.427

Remuneration paid to trustees
		2023		2022
		Gross remuneration, taxable
	Number of	benefits and pension	Number of	Gross remuneration, taxable benefits
Range	Trustees/Fellows	contributions	Trustees/Fellows	and pension contributions
				£
£3.000-63,999	4	1,200	2	3,600
£12,000-fl2,999				12,814
£13,000’013.999	1	13,512
£20,000-E20.999	1	20,868
£22,000-E22 999	-	-		22,809
£23.000-E23.999	-		11	258 843
£24,000-E24.999	1	24.983
£25.000-025.9’39	H	219,639
£28.000-026.999	-	-		26,233
£29,000-E29.999	-	-		29,243
£30,000-030.999	1	30,375
£34,000-E34.999	1	34.454
£39,000-139.999	-	-		39,452
£4’.000-041.999	1	4 .065
042.000-042.999	1	42,1 St
041.000-047,999	-	-	2	95.745
049.000449.999	-	-		49,174
£50.000450.999	2	100,962		50,641
053,000-053,999	-	-		53,276
£54000454999	1	54,161
058.000-058.999	1	58,070	4	234,406
060,000-060,999	-	-		60,575
061,000-061,999	-	-		61,101
062,000-062,999	4	249.377
064.000-064,999	1	84,844
067.000-067,999	1	67,344
079.000-079,999	-	-		79,443
090,000-090,999	-	-	2	180,344
095,000-095,999	1	g5,636
£98.Oon-098 999	1	gaIts	9	107 mo
£108,000-2108,999	1	108.513
0131,000-0131,999	1	131,936
Total	36	1,523,233	34	1,456,008

			USS	OSPS
Date of valuation:			31103/2020	31/03/2019
Date valuation results puhtished:			3010912021	19/06/2020
Value of	liabilities:		£80,6bn	£914m
Value of	assets:		£66,Sbn	£961m
Funding	surplus I (deficit):		(El4.lbn)	£47m
Principal	assumptions:
		- Discount rate	Fixed interest gilt yield curve	Gitts+0.5%- 2-25%
		-Rate of increase in salaries	Plus 1%-2.75%	to
		- . . -Rate of increase in pensions	n/a CPI+0.05%	Average RPI/CPI d
Assumed		life expentancies on retirement at
age 65
		Males currently aged 65	24.Oyrs
		- Females currently aged 65	25.6yrs
		- Males currently aged 45	26.Oyra
		- Females currently aged 45	214yra
Funding	Ratios:
-		Techn’cal provisions basis	83%	105%
	-	Statutory Pensori Protection		nfl”
		Fund basis
		Buy-out basis	51%	62%
				19% down to
Emp’oyer contrib,fcn ate (as % of			21.4% -21-6%	155% forDS
		pensoracle sa aries)	from I Ap-il 22	members
				from 1 Oct 23
Effective		date of next vatja:’or’:	31/03/2023	31/03/2025

Assumption	USS Cha”ge in assumption	Impact on USS sabil tea
Initial pre.retirement discount rate discount rate	increase by 025%	decrease by £1 3bn
Post retirement discount rate	Decrease by 0,25%	Increase by £2.Bbn
CPI	decrease by 0.1%	decrease by ISbn
	more prudent assumption (reduce
Life expectancy	the adjustment to the base	increase by £1,2bn
	mortality table by 5%)
	more prudent assumption
Rate of modality	(increase the snnuel mortality improvements long-term rates by	increase by £0,Gbn
	0.2%)
Assumption	OSPS Change in assumption	Impact on OSPS techntcat provisions
Valuation rate of interest	decrease by 0.25%	increase by 2% of pensionable
RPI	increase by 0.25%	increase by 1.5% of pensionable

		2022123		2021/22
	OSPS	liss	OSPS	IJSs
Firish Date for Deficit Recovery Plan	30101/2028	31/03/2038	30131/2028	31/03,2028
Average staff number increase	0-1%	0-1%	0-1%	0
Average staff salary increase	4.00%	4.00%	2.00%	2.00%
Average discount rate over perioc	0.00%	5.52%	3.19%	3.34%
Effect of 0.5% chs”qe in d scoun: ate	0	75k	15k	107k
Effect of 1% charqe in staff qrou%rh	1k	21k	45k	225k

	2022/23	2021122
Scheme	Em	Em
Universites Superarnuation Scheme	558	544
University of Oxford Staff Pension Scheme	329	251
National Employner.: Savings Trist	0	1
Pension iaoisty	(1.055)	1851
Total	(1681	2653

	2023	2022
	Group	Group
	£000	£000
Financial assets measured at fair value through profit or loss
Investments	40,343	60,197
	40,343	60,197
Financial assets measured at amortised coat
Cash and cash equivalents	6,240	7,693
Debtors and accrued income	629	346
	6,869	8,039
Financial liabilities measured at amortised cost
Bank loans	19,834	19,829
Accruals and deferred income	306	280
Other creditors	579	394
	20,719	20,503

24	RECONCILIATION OF NET INCOMING	RESOURCES TO
	NET CASH FLOW FROM OPERATIONS		2023	2022
			£000	£000
	Net inconie!(expenditure)		1,266	(5.388)
	Etmination of ncn-oceral’tg cash flows:
	Investment ecorne		(1,658)	(1.617)
	(Gains)flosses in investments		(1,496)	2.113
	Erdowme”t donations		(6)	(7)
	Deoreciation		1,501	1.463
	Am,ortisa:ion of bond issue costs		5	5
	Decrease/(lnc’eaee} in stccK		(5)	(8)
	Decrease/(lnc’eaee) in debtors		(235)	(128)
	(Decrease)/lncresxe in creditors		443	(77)
	(Decrease)/lncresse in neneicn soften’s	I abil t’j	(1,055)	1.857
	Net cash provided by (used in) operating activities		(1,242)	(I .792)
25	ANALYSIS OF CASH AND CASH EQUIVALENTS
			2023	2022
			£000	£000
	Ceah at bank and in hand		2,251	1.736
	Notice deposits (less thae 3 months)		3,969	5,957
	Total cash and cash equivalents		6,240	7,693

consolidated Statement of Financial Activities
For the year endad 31 July 2022
	unrest-icleol	Restricled	E,do,sec	2022	2C21
INCOME MID ENDOWMENTS FROM:	Fc-ds	Fucida	Ends	Total	Tool
	£000	£0.00	£000	£000	£ 033
Charitable acIiities:
Teaching, research and residenlial	6,035	‘	-	6,035	5,04?
Other Trading Income	49?	-	-	497	71
DonatIons and legacies	2,005	371	7	2,383	2,846
leveatmenta
Investment income	99	15	1,503	1,617	1.745
Total return allocated to income	634	1,163	(1.7971		-
Other income	-	-	-		269
Total income	9,270	1,549	(2871	10,532	9,978
EXPENDITURE ON:
Charitable activIties:
Teaching, research and residential	11,418	1,476	-	1 2,694	8,605
Generating funds:
Fuedraising	444		-	444	401
Trading expenditure	235	‘	-	235	33
Invettmeet manegemerit costs		0	231	234	241
Total Expenditure	12,097	1.479	231	13407	9,280
Net lncome!lExpendilure) before game	2.627)	70	•518	—3,275	538
Net 9a’sitcssss) oninvestrents	294	(231	(2.384)	12.1 13)	6,470
Net Incomef(Expenditure)	(2 533)	47	(2.902)	(5.3881	7,16a
Net movement in funds for the year	12 533)	47	(2.902)	(5 388)	7163
Fund balances brought forward	61,278	2,768	62.769	116.815	119.647
Fonda carnied forward at 31 July	58.745	2 815	59.857	121,427	123.8’S

	Parent	St Hilda’s College	St Hildas College
	Cotlege	(irading) Lid	Deveiuptrie,iix Lid
	£000	£000	£000
Income	10,532	497	355
Expenditure	(14,133)	(237)	(350)
Result for the year	(3.60))	260	5
Total assets	146,024	269	24
Total la5ties	(24,923)	(9)	(19)
Net funds at the end c’ year	121,10’	260

		Permanent Endowment		Expendable	Total
		Unapplied		Endowment	Endowments
	Trust br	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the begtnning of the year:
Gift component of the permanent endowment	14.586		14,586		14,586
Unapplied total return		16,149	16,149		16,149
Expendable endowment				32.034	32,034
Total Endowments	14,566	16,149	30,735	32,034	62,769
Movements In the reporting period:
Gift of endowment funds					7
Investment return: total investment income		756	756	747	1,503
Investment return: realised and unrearised gains and tosses Less: Investment management costs Total		(1,200) (116) (560)	(1.2001 (116) (560)	-1.184 (115) (545)	(2.3841 (2311 (1.105)
Urappted Iota’ return alozated to income” tie repcrting period		(914)	(9141	(883)	(1,797)
Net movements in reporting period		(1.474)	1.474)	(1,428)	(2,902)
At end ofthe reporting period:
Gift component nfI-c oern-anent e”doecient	14,586		14,586	-	14,586
Unappied total return		14.675	14,675	-	14,675
Exce”dab’e endownent				30,606	30606
Total Endowments	4,586	14,675	29,261	30,606	59,867

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
				At 1 August	Incom ig	Resources		Cars!	At 31 July
				2321	resources	expended	Transiers	(losses)	2022
				£ 000	£000	£033	£000	£330	£000
Endowment Funds- Permanent
Student Support Funds				1.312	28	4	27	(45)	1.264
JRF Funds				1,765	36	5	46	(56)	1,695
Teaching Funds:
HunarIies & Socal	Sdences			7.756	197	30	237	(32)	7,374
Medical Sc.ences				1.947	49	7	59	771	1,853
Physical & Life Sciences				3030	75	2	92	( t 9)	2,852
Genera! purcose Other purposes				14,818 138	371 3	57 -	453 -	(5811 (4)	14,092 137
Endowment Funds	- Espendabte
Suder,t S,ppc1 Furde				5,519	131	21	97	(208)	5,324
JRF Funds				2.421	50	8	137	(79)	2,247
Teaching Funds:
Humanitres & Social	Sciences			4,495	108	17	137	(172)	4,276
Medical Sciences				1,242	31	5	33	(49)	1,186
Physical & Life Sciences				1,606	40	&	49	(64)	1.528
Other purposes				1.579	34	5	18	(54)	1,536
Endcwnnent Funds -	Expendable Designated
Student Support Funds				778	20	3	10	(31)	754
JRFFunds				1,228	26	4	-	(41)	1,209
Teaching Funds:
Humanities & Social	Sciences			3.922	99	16	120	(157)	3,728
Medical Sciences				3.123	78	12	95	(124)	2,970
General purpose				5,909	124	19	182	(198)	5.634
Other purposes				208	10	1	5	(7)	205
Total Endowment Funds			- College	62,769	1,510	231	(1,797)	(2,384)	59,867
Total Endowment Funds			- Group	62,769	1,510	231	(1,797)	(2,384)	59,867
Restricted Funds
Transfer from endowment			funds for spending			1,163	1,163	-	-
Studenl support funds				103	3	0	-	(4)	102
Scholarship 8 Sursary Fund				881	116	90	-	(2)	905
Access				82	7	-	-	-	89
Cc4ega Contnbullo”	fund			2	51	83	-	-	0
Fe o’s p funds Lib’ary fund				656 67	11 3	22 4	- -	(17) -	628 66
flIh,’ I				977	165	Ii?	-	-	1,025
Total Restricted Funds		-College		2,768	365	1,479	1.163	(23)	2815
Total Restricted Funds		-	Group	2,768	385	1,479	1,163	(23)	2.815
Unrestricted Funds
General funds				2,994	7,682	9,099	2.158	294	4,029
125 Fund				.024	36		(1.024)		36
Cotege Cant, Duti3”				500			(503)
Designated				58,004	1,014	1,460			57,618
Pension reserve				( .346)		1,857			(3,203)
Total Unrestricted Funds			- College	6t176	8,792	12,416	634	294	68,480
Unrestricted tunds held by			subsidiaries	102	265	102			265
Total Unrestricted Funds			- Group	61,278	9,057	12,518		294	58,745
Total Funds Cottege				126,713	10,687	14,126	-	(2,113)	121,162
Total Funds Group				126,815	10,532	13,807		(2,113)	121,427